Shiba Inu, other memecoins lead altcoins’ rally after Fed’s pivot
Memecoin supercycle seems far from over after the recent altcoin surge.
- SHIB led the latest memecoin rally amid overall altcoin market optimism
- Memecoins was the top-performing segment on a YTD basis
The altcoin sector has seen strong gains since the Fed pivot in mid-September, reinforcing the market’s conviction of an early innings into the much-awaited alt season. However, a familiar trend seemed to be transpiring at press time — Memecoin dominance.
Glassnode’s founders noted the same, claiming that memecoins took the lead in the early alt season. In doing so, they highlighted dogwifhat [WIF], Shiba Inu [SHIB], and Pepe [PEPE] showing strong momentum.
“We just entered Altcoin Season 5 days ago, and we’re already picking up strong momentum on #memecoins.”
SHIB leads memecoin rally
As of 27 September, 8 of the top 10 memecoins, including SHIB, WIF and MOG, had double-digit gains between 25% and 50% over the past 30 days of trading. SHIB was an outlier during this week’s rally too, with the same hiking by 40%.
At press time, SHIB’s rally had cooled off slightly around the 200-day MA (Moving Average). Also, the RSI flashed overbought conditions.
However, relative to other categories, there was stronger speculative market interest in memecoins, which could boost the sector.
According to Coinglass, memecoins were ranked first (12%) in Open Interest (OI) in the past 24 hours. That was about double the market interest in the second-ranking sector – Gaming – with a figure of 6.8%.
Memecoins also ranked third in volume over the same period. This underscored strong liquidity injection and speculators in the segment over the weekend.
This massive speculative fervor in memecoins could reinforce its market dominance again in Q3. In H1 2024, the sector was a top performer, eclipsing even Bitcoin [BTC] in gains.
At the time of writing, the segment had the highest gains on a YTD (year-to-date) basis, with whopping 1160% returns.
